India’s online gaming sector is expected to see massive growth as market revenue is expected to grow more than double from $3.7 billion in 2024 to $9.1 billion by 2029, according to a report released by Winzo Games and the Interactive Entertainment and Innovation Council (IEIC).
The report was introduced at the Game Developers Conference (GDC) in San Francisco, highlights the dominance of the real money gaming (RMG) segment, which accounted for 86% of the market in 2024.
WinZo co-founder Paavan Nanda remarked the sector’s vast potential stating, “The online gaming industry in India is on an unprecedented growth path, backed by a projected market size of $9.1 billion by 2029 and the potential to unlock up to $63 billion in investor value by 2029. As we continue to push boundaries in technology innovation, IP creation, and engagement, WinZO remains committed to shaping India into a global gaming powerhouse.”
India currently boasts 591 million gamers, accounting for 20% of the global gamer population. The country recorded 11.2 billion mobile game downloads, with emerging alternatives to Google Play Store contributing to this surge. The sector also hosts approximately 1,900 gaming companies, employing 1.3 lakh skilled professionals.
Foreign Direct Investment (FDI) in the sector stands at $3 billion, with 85% of these funds directed towards the Pay-to-Play segment. While RMG continues to dominate with a contribution of $3.2 billion in 2024, its market share is projected to slightly decrease from 85.7% to 80% by 2029, which gives way to a rise in the non-RMG segment from 14.3% to 20%.
The report also suggests that India’s online gaming sector could unlock $63 billion in investor value by 2029, with the approximately to create over 2 million jobs and foster a $60 billion market size by 2034.
Nazara Technologies, India’s only publicly listed gaming company, is expected to command a premium among global gaming stocks.
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